7th Grade Math Milestone Review - Taxes, Discounts, Markups and Tips

Front

What is a tip?

Back

A tip is a small amount of money given to someone for their service, usually calculated as a percentage of the total bill.

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (expressed as a decimal). For example, for a 20% tip on a $20 bill: $20 x 0.20 = $4.

Front

What is a discount?

Back

A discount is a reduction in the price of a product or service, often expressed as a percentage of the original price.

Front

How do you calculate a discount?

Back

To calculate a discount, multiply the original price by the discount percentage (as a decimal) and subtract that amount from the original price.

Front

What is a markup?

Back

A markup is an increase in the price of a product or service, usually expressed as a percentage of the cost price.

Front

How do you calculate a markup?

Back

To calculate a markup, multiply the cost price by the markup percentage (as a decimal) and add that amount to the cost price.

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government.

Front

How do you calculate sales tax?

Back

To calculate sales tax, multiply the total price by the sales tax rate (as a decimal). For example, for a $100 item with a 6.5% tax: $100 x 0.065 = $6.50.

Front

If a meal costs $12 and you tip 25%, how much is the tip?

Back

The tip is $3.00, calculated as $12 x 0.25.

Front

If a dinner bill is $26 and you want to leave a 15% tip, how much is the tip?

Back

The tip is $3.90, calculated as $26 x 0.15.